RV
Ricardo V
1 reviews | Active since Dec 2019
21 Dec 2019, 12:11
Credit shortfall Cover
I'm with OUTsurance and I'm not having the best two days of my life. After I put in a claim with OUTsurance they only paid me the retail value of my car (the car was written off). At the beginning I took out credit shortfall with them and now they are denying to pay out the full amount of the credit shortfall. They said my warranty must pay the outstanding amount. This is not what they told me in the beginning. Credit shortfall cover the rest of the amount outstanding on the car including the retail value.
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OUTsurance's replyOfficial
27 Dec 2019, 09:49Hi Ricardo
Following your recent interaction with us, we acknowledged your complaint and the concerns raised. The matter was escalated to our Claims Management Team who contacted you to address your concerns.
Following your recent interaction with us, we acknowledged your complaint and the concerns raised. The matter was escalated to our Claims Management Team who contacted you to address your concerns.
You have a right to be satisfied with the insurance cover you have with us and we apologise for the disappointing feedback regarding the rejection of your claim. We completely understand how the ordeal is affecting you and are certainly not insensitive to your loss.
Charl contacted you and assisted with your complaint. He advised you that Vehicle Credit Shortfall covers you for the difference between the value of the car and the outstanding capital amount on the finance agreement in the event of a total loss. We paid out this amount less the excess, accessories and warranties.
Charl contacted you and assisted with your complaint. He advised you that Vehicle Credit Shortfall covers you for the difference between the value of the car and the outstanding capital amount on the finance agreement in the event of a total loss. We paid out this amount less the excess, accessories and warranties.
Credit Shortfall does not cover;
- Any refundable amounts added to your finance agreement over and above the purchase price of the vehicle. This includes insurance premiums, motor warranties and maintenance programmes which must be refunded to you the client by the company that administers the policy or warranty.
- The credit shortfall on vehicle sound equipment or non-standard vehicle accessories which are not specified and which form part of the finance agreement.
- The excess on the vehicle claim, arrears installments due and interest on them, any amounts added to the principle debt after the commencement of the finance agreement and any early settlement penalties.
We are very sorry for the ordeal and any inconvenience as a result.
Regards
OUTsurance
OUTsurance
OUTsurance's reply27 Dec 2019, 09:49
Official
Hi Ricardo
Following your recent interaction with us, we acknowledged your complaint and the concerns raised. The matter was escalated to our Claims Management Team who contacted you to address your concerns.
Following your recent interaction with us, we acknowledged your complaint and the concerns raised. The matter was escalated to our Claims Management Team who contacted you to address your concerns.
You have a right to be satisfied with the insurance cover you have with us and we apologise for the disappointing feedback regarding the rejection of your claim. We completely understand how the ordeal is affecting you and are certainly not insensitive to your loss.
Charl contacted you and assisted with your complaint. He advised you that Vehicle Credit Shortfall covers you for the difference between the value of the car and the outstanding capital amount on the finance agreement in the event of a total loss. We paid out this amount less the excess, accessories and warranties.
Charl contacted you and assisted with your complaint. He advised you that Vehicle Credit Shortfall covers you for the difference between the value of the car and the outstanding capital amount on the finance agreement in the event of a total loss. We paid out this amount less the excess, accessories and warranties.
Credit Shortfall does not cover;
- Any refundable amounts added to your finance agreement over and above the purchase price of the vehicle. This includes insurance premiums, motor warranties and maintenance programmes which must be refunded to you the client by the company that administers the policy or warranty.
- The credit shortfall on vehicle sound equipment or non-standard vehicle accessories which are not specified and which form part of the finance agreement.
- The excess on the vehicle claim, arrears installments due and interest on them, any amounts added to the principle debt after the commencement of the finance agreement and any early settlement penalties.
We are very sorry for the ordeal and any inconvenience as a result.
Regards
OUTsurance
OUTsurance